Notes intro to business PDF

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Human resource management- all the activities involved in acquiring, maintaining, and developing an organization’s human resources HRM activities ○ Acquisition includes planning and the activities related to hiring new personnel ○ Altogether, the planning phase of HRM includes 5 separate activities: ■ 1) human resources planning ■ 2) job analysis ■ 3) recruiting ■ 4) selection ■ 5) orientation ○ Maintaining human resources consists of encouraging employees to remain with the firm and to work effectively using a variety of HRM programs including: ■ Employee relations ● Improving employee satisfaction ■ Compensation ● Rewarding employee effort with monetary compensation ■ Benefits ○ The development stage of HRM is concerned with improving employee’s skills and expanding their capabilities. The two important activities of this stage are: ■ Training and development ■ Performance appraisal Responsibility of HRM: ○ In general, HRM is a shared responsibility of line managers and staff HRM specialists ○ Specific HRM activities are assigned to those with the highest capacity to do them Human resources planning and forecasting ○ Human resources planning- the development of strategies to meet a firm’s HR needs ○ A forecast of human resources supply must take into account the present workforce and any changes that may occur within it ○ 2 useful techniques for forecasting HR supply: ■ 1) the replacement chart ● List of key personnel and their possible replacements ■ 2) skills inventory ● Information on the skills and experience of all present employees Cultural diversity in human resources ○ Benefits: cost, resource acquisition, marketing edge, ○ Diversity training programs will only be successful if its systematic, ongoing, and has a strong and sustained commitment from upper management Compensation decisions

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Compensation system- the policies/strategies that determine employee compensation ○ 3 separate management decisions: ■ Wage level ● What is the average wage for that job among similar firms? ■ Wage structure ■ Individual wages ○ Comparable worth- a concept that seeks equal compensation for jobs requiring about the same education training and skills ○ Types of compensation ■ Hourly Wages ■ Salary ■ Commission ■ Incentive payment ■ Lump-sum salary increase ■ Profit sharing STAFFING: ○ You need people to perform tasks and get work done in the organization. Even with the most sophisticated machines, humans are still needed. Because of this, one of the major tasks in HRM is staffing. Staffing involves the entire hiring process from posting a job to negotiating a salary package. Within the staffing function, there are four main steps: ○

Development of a staffing plan. This plan allows HRM to see how many people they should hire based on revenue expectations.

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Development of policies to encourage multiculturalism at work. Multiculturalism in the workplace is becoming more and more important, as we have many more people from a variety of backgrounds in the workforce.

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Recruitment. This involves finding people to fill the open positions.

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Selection. In this stage, people will be interviewed and selected, and a proper compensation package will be negotiated. This step is followed by training, retention, and motivation.

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○ Obviously staffing is critical to any organization Employee benefits ○ A benefit is a reward (additional to compensation) that is provided indirectly to employees ○ Pay for time not worked ○ Insurance packages ○ pension/retirement programs ○ Unemployment insurance

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Social security Workers compensation insurance Flexible benefit plan- compensation plan where an employee recieves a predetermined amount of benefit dollars to spend on a package of benefits they’ve chosen to meet their individual needs Training and development ○ Employee training ○ Management development...